French hydrogen production and distribution specialist McPhy has disclosed its 2019 annual results and revealed a 43% increase in revenue to €11.4m (2018: €8m).

Growth was driven by ‘excellent’ sales momentum over the year, with orders booked both in France and across Europe.

Orders booked and completed for electrolysers and hydrogen production and distribution stations were cited in particular.

Furthermore, McPhy revealed that a capital increase of almost €7m in November 2019 will enable the company to roll-out its international activities and pursue its development strategy.

Reflecting on the results and how they confirm McPhy’s medium-term growth prospects and scale up, CEO Laurent Carme said, “We ended 2019 on a very positive trend thanks to excellent sales activity throughout the year, initiated in the first half and confirmed during the second half which generated revenue growth of 58% compared with the same period in 2018.”

“The taking and completion of orders in 2019 illustrate the relevance of our positioning on the industry, mobility and energy markets, as well as the technological maturity of our hydrogen production and distribution equipment.”

“The capital increase we carried out in November 2019 has given us the means to seize new opportunities within the context of an acceleration in the hydrogen market, and we would like to thank again all our investors for their trust.”

McPhyEnergy logo

Source: McPhy

McPhy further strengthened its position in the market last year after it was chosen by two globally-renowned industrial groups to equip the first zero-carbon hydrogen production plant on a large scale in Europe.

Designed, manufactured and integrated by McPhy, the 20 MW zero-carbon hydrogen production platform uses the company’s innovative ‘Augmented McLyzer’ electrolysis technology. Each year, with these units, 3,000 tonnes of clean hydrogen will be generated by electrolysis from green electricity and utilised to produce biomethanol used in industrial processes – helping to reduce CO2 emissions by up to 27,000 tonnes per year, the equivalent of the annual emissions of 4,000 French households.

This major project marks a change in McPhy’s size, the company said, confirming its transition to an industrial scale. Carme added, “The recognition of our know-how and our technology by major industrial groups and the zero-carbon hydrogen market’s positive outlook strengthen our confidence in our medium-term growth prospects.”

“The signing, in January 2020, of an engineering contract to equip Europe’s largest zero-carbon hydrogen site (20 MW) substantiates this first step in McPhy’s industrial scaling up.”